Turkey: Real estate market is driven by IPOs

Turkey's Capital Markets Board said in a recent report that initial public offerings (IPOs) are funding the country's fast-growing real estate sector, reports Hurriyet Daily News. According to the report, the IPOs of five real estate investment trusts in Turkey were...

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Turkey: Real estate market is driven by IPOs

bne - 24.11.2010

According to the report, the IPOs of five real estate investment trusts in Turkey were worth TL 609.2m this year.

19 property developers are currently operating on the Istanbul Stock Exchange and the total market value is 5.56bn liras. The value of the property developers' total portfolios is TL 8.24 bn, shows the report.

IPOs constitute 36.7% of the total market value in 2010. The volume of the real estate investment sector doubled this year because of successful offerings.

"This situation will crystallize due to an IPO by Emlak GYO in November and turn the IPO campaign [by the ISE] into a success story for the sector," stated the report.

Due to a special law, real estate investment companies do not have to pay corporation income taxes. bne.